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ATHENS, GREECE, Nov. 14, 2013 (GLOBE NEWSWIRE) -- Diana Containerships Inc. (Nasdaq:DCIX), a global shipping company specializing in the ownership of containerships, today reported a net loss of $0.7 million for the third quarter of 2013, compared to net income of $1.6 million for the respective period of 2012.

Time charter revenues, net of prepaid charter revenue amortization, were $11.1 million for the third quarter of 2013, compared to $14.6 million for the same period of 2012, mainly due to reduced average time charter rates and the decrease in ownership days in 2013 compared to 2012, resulting from the disposal of the vessels
Madrid,
Malacca and
Merlion in May and June 2013, which was partly offset by the addition to the Company's fleet of the vessels
APL Garnet, delivered in November 2012, and
Hanjin Malta,
Puelo and
Pucon, delivered in March, August and September 2013, respectively.

Net loss for the nine months ended September 30, 2013 amounted to $37.6 million, as a result of an impairment loss and other direct sale charges totalling $36.9 million for the vessels
Madrid,
Malacca and
Merlion, without which the result for the nine months ended September 30, 2013 would be a loss of $0.7 million, compared to net income of $5.7 million for the same period of 2012. Time charter revenues, net of prepaid charter revenue amortization, were $38.5 million for the nine months ended September 30, 2013, compared to $42.0 million for the respective period in 2012.

Dividend Declaration

The Company has declared a cash dividend on its common stock of $0.15 per share with respect to the third quarter of 2013. The cash dividend will be payable on or around December 18, 2013 to all shareholders of record as at November 29, 2013. The Company has 33,983,160 shares of common stock outstanding.

Fleet Employment Profile (As of November 14, 2013)

Currently Diana Containerships Inc.'s fleet is employed as follows:

Vessel

Gross Rate

Delivery Date

BUILT TEU

Sister Ships*

(USD Per Day)

Com**

Charterer

to Charterer

Redelivery Date to Owners***

Notes

Panamax Container Vessels

SAGITTA

A

$ 7,250

1.25%

A.P. Moller -

15-Mar-13

1-Jan-14 - 15-Feb-14

2010 3,426

Maersk A/S

CENTAURUS

A

$ 7,500

3.50%

CMA CGM S.A.

13-Aug-12

13-Feb-14 - 13-Jun-14

1

2010 3,426

CAP DOMINGO

B

$ 22,850

Reederei Santa

6-Feb-13

6-Feb-14

2,3

(ex Cap San Marco)

0%

Containerschiffe

2001 3,739

$ 23,250

GmbH & Co. KG

6-Feb-14

23-Dec-14 - 23-Mar-15

CAP DOUKATO

B

$ 22,850

Reederei Santa

6-Feb-13

6-Feb-14

2,3

(ex Cap San Raphael)

0%

Containerschiffe

2002 3,739

$ 23,250

GmbH & Co. KG

6-Feb-14

23-Dec-14 - 23-Mar-15

APL SARDONYX

C

$ 24,750

1.00%

APL (Bermuda) Ltd.

17-Feb-12

3-Jan-14 - 3-Apr-14

3,4

1995 4,729

APL GARNET

C

$ 27,000

0%

NOL Liner (Pte) Ltd.

19-Nov-12

20-Aug-15 - 19-Oct-15

3

1995 4,729

APL SPINEL

C

$ 24,750

1.00%

APL (Bermuda) Ltd.

1-Mar-12

15-Jan-14 - 15-Apr-14

3,4

1996 4,729

HANJIN MALTA

$ 25,550

US$150 per day

Hanjin Shipping Co. Ltd.

15-Mar-13

30-Mar-16 - 15-May-16

3

1993 4,024

Post - Panamax Container Vessels

PUELO

D

$ 27,900

US$150 per day

CSAV Valparaiso

23-Aug-13

23-Feb-15 - 23-Feb-16

5

2006 6,541

PUCON

D

$ 27,900

US$150 per day

CSAV Valparaiso

20-Sep-13

20-Mar-15 - 20-Mar-16

5

2006 6,541

* Each container vessel is a "sister ship," or closely similar, to other container vessels that have the same letter.

** Total commission paid to third parties.

*** Charterers' optional period to redeliver the vessel to owners. Charterers have the right to add the off hire days, if any, and therefore the optional period may be extended.

1 On June 7, 2013, the Company agreed to extend as from August 13, 2013 the initially signed charter party with CMA CGM S.A., dated August 2, 2012 for a period of minimum 6 months to maximum 10 months.

2 For financial reporting purposes, we recognize revenue from time charters that have varying rates on a straight-line basis equal to the average revenue during the term of that time charter. We calculate quarterly dividends based on the available cash from operations during the relevant quarter.

3 For financial reporting purposes, revenues derived from the time charter agreement will be netted off during the term of the time charter with an amortization charge of the asset that was recognized at the delivery of the vessel, being the difference of the present value of the contractual cash flows to the fair value. However, we calculate quarterly dividends based on the available cash from operations during the relevant quarter.

4 Since December 28, 2012 charterers have changed to NOL Liner (Pte) Ltd.

5 In case the vessel is redelivered to the Company in any period between the earliest and the maximum redelivery period after delivery, then the charterers will pay a lump sum equivalent to US$6,000 per day to the owners for the outstanding period between the redelivery date and up to the 30 months.

Summary of Selected Financial & Other Data

For the three months ended September 30,

For the nine months ended September 30,

2013

2012

2013

2012

(unaudited)

(unaudited)

(unaudited)

(unaudited)

INCOME STATEMENT DATA (in thousands of US Dollars):

Time charter revenues, net of prepaid charter revenue amortization

$ 11,131

$ 14,606

$ 38,513

$ 41,993

Voyage expenses

110

366

527

1,029

Vessel operating expenses

6,897

7,410

23,557

20,160

Net income / (loss)

(718)

1,591

(37,562)

5,698

FLEET DATA

Average number of vessels

8.5

9.0

9.6

8.3

Number of vessels

10.0

9.0

10.0

9.0

Ownership days

786

828

2,608

2,285

Available days

786

828

2,608

2,285

Operating days

784

827

2,538

2,280

Fleet utilization

99.7%

99.9%

97.3%

99.8%

AVERAGE DAILY RESULTS

Time charter equivalent (TCE) rate (1)

$ 14,022

$ 17,198

$ 14,565

$ 17,927

Daily vessel operating expenses (2)

$ 8,775

$ 8,949

$ 9,033

$ 8,823

(1) Time charter equivalent rates, or TCE rates, are defined as our time charter revenues less voyage expenses during a period divided by the number of our available days during the period, which is consistent with industry standards. Voyage expenses include port charges, bunker (fuel) expenses, canal charges and commissions. TCE is a non-GAAP measure. TCE rate is a standard shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charter hire rates for vessels on voyage charters are generally not expressed in per day amounts while charter hire rates for vessels on time charters are generally expressed in such amounts.

Product Features:

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